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Business Strategies for Christmas and New Year: A Guide for Small to Medium Enterprises

Business Management
As the festive season approaches, the small to medium business sector (SMBs) face unique challenges and opportunities. The period leading up to Christmas and the New Year is crucial for maintaining momentum, managing resources, and ensuring a successful transition into the new year. This article outlines essential areas that SMBs should focus on to position themselves effectively for both the silly season and the year beyond.

Must-Do Strategies for Christmas

1. Manage Cash Flow

Cash flow management is paramount during this period. Increased consumer spending can lead to higher sales, but it can also strain your finances if not monitored closely. Here are some steps to ensure healthy cash flow:
  • Forecast Sales and Expenses: Analyse historical sales data to provide a guide for this year and adjust your budget to account for increased inventory, operational and employee leave costs. It is also prudent to factor in the current market levels which have been a bit more subdued.
  • Invoicing and Collections: Ensure timely invoicing and follow up on outstanding payments. Consider offering discounts for early payments to improve cash flow – and be very careful with payment terms.
  • Emergency Fund: Set aside a portion of your budget for unexpected expenses that may arise during this busy period.

2. Prioritise Security

The holiday season often sees an uptick in cyber threats and physical security risks. Protecting your business should be a top priority:
  • Cybersecurity Measures: Implement robust cybersecurity protocols, including updated software, firewalls, and employee training on phishing scams. If you are unsure on these, consult your IT professional, as it is cheaper to prevent issues upfront…. than to fix them later.
  • Physical Security: Ensure that your premises are secure, especially if you will have reduced staff during the holidays. Security cameras, alarm systems and remote monitoring all have their part to play.

3. Attend to Staff Leave

The Christmas season is a time when many employees take leave. Proper planning is essential to maintain productivity:
  • Leave Management: Encourage leave to be taken and stagger to ensure adequate coverage. If you are closing for a period, this will also help with managing the outstanding leave hours – with a simple visual leave chart keeping everyone on the same page.
  • Cross-Training: Train employees in multiple roles to ensure that critical functions are covered, even when key staff members are on leave.

4. Look After the Client and Project Needs

Maintaining strong relationships with clients is crucial during the Christmas/New Year period:
  • Communication: Reach out to clients to discuss their needs and expectations during this period and ensure they are aware of your availability and any changes to service delivery/open or close times. If you are closing, then this is also a good time to book in work for the new year which will give you some quick momentum when you return from leave.
  • Project Management: Review ongoing projects and adjust timelines as necessary to accommodate holiday schedules. Ensure that all stakeholders are aligned on project deliverables so there are no surprises.

5. Maintain Work Pace

While the season is festive, it is important to not ease off the work pace too early:
  • Set Clear Goals: Establish specific, measurable goals for the whole period – whether you are just scaling down or even closing for Christmas. The goal setting will help keep your team focused and motivated, whilst ensuring that your business remains financially viable.
  • Regular Check-Ins: Hold regular meetings to assess progress and address any challenges that arise. This will foster accountability and maintain momentum and allow any issues to be raised early.

Preparing for the New Year

As the Christmas/New Year season concludes, it is vital to transition smoothly into the New Year:

1. Develop a Comprehensive Business Plan

A well-structured business plan is the foundation for success in the new year:
  • Marketing Strategy: Analyse the effectiveness of your recent marketing efforts and adjust your strategy for the new year. Consider new channels and tactics to reach your target audience. In a variable market place – your marketing needs to be nimble and responsive.
  • Staffing Needs: Assess your staffing requirements for the upcoming year. Identify any gaps in skills or resources so you can plan for recruitment/training. Consider the efficiency of your team and how you can lead them for peak performance.
  • Cash Flow and Profitability: Revisit your financial projections and set realistic profitability targets. Monitor cash flow closely, especially in the first quarter, which often includes a bit of disruption with public holidays.

2. Maintain Momentum in the First Quarter

The first quarter can be challenging due to public holidays and potential slowdowns in business activity:
  • Consistent Marketing Efforts: Continue marketing efforts post-holidays to maintain visibility and engagement with customers. Consider promotional campaigns to attract new clients and for all of your marketing – plan and execute well.
  • Engage Your Team: Keep your team motivated and engaged with appropriate team activities and clear communication of goals for the new year.

Checklist: Before and After Christmas

Before Christmas:

  •  Review and adjust cash flow forecasts.
  •  Implement cybersecurity measures.
  •  Manage staff leave requests.
  •  Communicate with clients about holiday availability.
  •  Set clear goals for the holiday period.
  • Run for optimum productivity and efficiency

After Christmas:

  •  Analyse holiday sales and marketing effectiveness.
  •  Update the business plan for the new year.
  •  Assess staffing needs and plan for recruitment/training.
  •  Monitor cash flow and profitability closely.
  •  Maintain marketing efforts to sustain momentum.
In closing, the Christmas/New Year period presents both challenges and opportunities for the small to medium business sector. By focusing on these key areas now – you can maximise your potential for this year and position for the year ahead. If this sounds too complex or you have doubt about the best approach – then reach out to us for support.
Our office will be new closed for the Christmas/New Year period – check with us for the exact dates. Standby support is available for critical issues during our closure, but if you need support – call us now to discuss the best approach.
by Stewart Clark
Tags: Business Management, Business Planning, Cash Management, Communication, Life Cycle - Established/Expansion, Life Cycle - Exit, Life Cycle - Growth, Life Cycle - Mature, Life Cycle - Startup, Operational Risk, Security, Strategy
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